0580/42 May/Jun 2023, Question 2: Currency Conversions
Cambridge IGCSE Mathematics 0580 · Paper 42 (Extended) · Calculator · 13 marks
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The question, in short
Anil exchanges $830 to euros at 1 euro = $1.16, spends 500 euros, converts the rest back to dollars; also percentage, earnings increase, and compound interest calculations.
Summarised in our own words. Use the official paper for the exact wording and any diagrams.
Part (a) · 3 marks
Convert $830 to euros, subtract 500 euros spent, then convert the remainder back to dollars at the same rate.
- 1500 euros = 500 × 1.16 = $580
- 2Dollars left = 830 − 580 = $250
Answer249.98 to 250
Part (bi) · 2 marks
Find the percentage of $37 000 that $12 400 represents.
- 112 400/37 000 × 100
- 2= 33.51…% ≈ 33.5%
Answer33.5 or 33.51…
Part (bii) · 2 marks
Increase $37 000 by 3.2% to find 2022 earnings.
- 137 000 × (1 + 3.2/100) = 37 000 × 1.032
- 2= $38 184
Answer38 184
Part (ci) · 3 marks
Calculate compound interest on $3500 at 2.4% per year for 5 years, giving total interest.
- 1Amount = 3500 × (1 + 2.4/100)⁵ = 3500 × 1.024⁵ = 3940.64…
- 2Interest = 3940.64… − 3500 = 440.64… ≈ $441
Answer441 or 440.6 or 440.64 to 440.65
Part (cii) · 3 marks
Find the smallest whole number of years for $3500 at 2.4% compound interest to reach at least $5000.
- 13500 × 1.024¹⁵ = 4995.36… (less than 5000)
- 23500 × 1.024¹⁶ = 5115.25… (at least 5000)
- 316 complete years
Answer16
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